How we’re breaking the Iron Triangle
The 'Iron Triangle' is the delicate balance between quality, cost and speed. Most file review projects struggle to achieve all three. Here's how our technology has made it possible.
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The concept of ‘good, fast, cheap: pick two’ – otherwise known as the ‘Iron Triangle’ – maintains that three of the major constraints on a project are quality, time and cost.
Conventional thinking says you can’t have it all, so:
- If you want something fast and cheap, expect low quality
- If you want something cheap and good, it will take time to deliver
- If you want something good and fast, it’s going to be more expensive.
But what if this doesn’t have to be the case?
Technology is constantly reshaping the way we work, and the way we live. For us in financial services, we’re seeing long-held assumptions, processes and approaches overturned by the smart use of regulatory technology.
One of these assumptions is ‘good, fast, cheap: pick two’. It’s a compromise that causes a lot of problems for our clients. So we looked at the iron triangle and thought ‘what if we try and break it?’ And that’s what we’ve done with our high-performance file review service.
We’re saying goodbye to ‘good, fast, cheap: pick two’ and saying hello to ‘have it all’.
How it’s good
Ultimately, it all starts with people – and ours are the best around. With decades of experience behind them, they’ve worked across the industry on countless file review projects to gain a breadth of exposure. So we’ve got the very best people checking cases using our TCC standards of checking.
As with most solutions, the real power of technology comes from how it’s used to enhance processes that already exist – supporting people to do what they do, but better.
With our high-performance file review service, your files go through a slick, digitised workflow that eradicates time-consuming admin tasks like completeness checks. This means you get the same quality of human expertise, but loads more of it.
Some of our clients see this as an opportunity to check even more of their business – freed from the shackles of tight budgets and stretched resources, they want more visibility and less risk. Others prefer to reduce their costs.
How it’s fast
Our RegTech helps us accelerate every stage in the process, particularly the most inefficient areas. We digitally check all the documents are included in your files before landing in the lap of a human – saving reviewers precious time, and frankly, your business money.
By combining our unique RegTech with our industry experience, we can carry out a file review in half the time.
How it’s cheap
Our high-performance file reviews immediately deliver better value for money. By automating parts of the process that are really labour-intensive, it dramatically reduces the amount of time reviewers spend on a case. When you’re reducing the time spent, you’re reducing the people cost too. All this means more control of your budget.
Overcoming the iron triangle
Rather than each of the factors of the iron triangle restricting the other, when you apply technology to your projects you can find that the aspects facilitate each other.
In the case of our high-performance file reviews, our highly accurate automation and improved audit trail makes things much quicker and cheaper. Combine this with the existing experience and expertise of our people, and you’ve got a game-changing solution.
Do you want faster, more efficient file reviews?
Whether you need a project completed in double-quick time or just want more control over your budget, we've a solution for you.